Baku 32° C
Oil surges on expectations of higher demand
Energy
- 08 June, 2022
- 06:33
Global oil prices rose on expectations of a growth in demand on Wednesday morning, Report informs, citing trading data.
The August future for Brent rose by 0.3% to $120.93 per barrel, and the July futures for WTO grew by 0.4% to $119.89.
The positive dynamics are linked to the expected growth in demand for fuel due to the beginning of the summer travel season.
It overweighed the unexpectedly negative data from the American Petroleum Institute (API), according to which the commercial oil inventories in the United States reached 1.845 million barrel in the week ending June 3. Meanwhile, analysts expected a decline of 1.8 million barrels.
Author
Latest News
17:14
Azerbaijan, Germany to continue cooperation in mine clearance
Foreign policy17:09
Azerbaijan and Germany to expand cooperation on sustainable water management
Infrastructure17:07
Ilham Aliyev, Friedrich Merz hold expanded meeting
Foreign policy17:04
Ilham Aliyev: Fuel supplies from Azerbaijan contributed to Armenia's energy security
Foreign policy17:00
President: Azerbaijan, Germany to create working groups to implement agreements
Foreign policy16:57
Baku, Berlin consolidating cooperation through strategic partnership agenda
Foreign policy16:55
President: Over 200 German companies successfully operating in Azerbaijan
Foreign policy16:48
Ilham Aliyev: Azerbaijan may increase gas supplies to Germany
Foreign policy16:46